Things are looking up for Ontario’s cannabis business, with figures from the provincial economic statement this week indicating profit could balloon to $155 million in 2021-2022 compared to $67 million in the previous fiscal year.
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While recreational cannabis became legal in October of 2018, the Ontario Cannabis Retail Corporation (OCRC) didn’t see a profit, amounting to $19 million, until 2019-2020, BNN Bloomberg reports.
Potential profits are expected to rise even higher, with figures in the 2021 Ontario Economic Outlook and Fiscal Review showing the Ontario portion of the Federal Cannabis Excise Duty from the federal government for 2021-2022 increasing substantially to $185 million in revenue.
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